Preformed Line Products (NASDAQ:PLPC) Sets New 12-Month High - Should You Buy?

Key Points

• Preformed Line Products (NASDAQ:PLPC) reached a new 52-week high of $221.09, closing at $219.23 with a trading volume of 103,813 shares.
• Weiss Ratings upgraded the stock from a "hold (c+)" to a "buy (b-)" rating, reflecting growing confidence among analysts as the company maintains an average rating of "Buy."
• The company announced a quarterly dividend of $0.20, to be paid on October 20th, indicating a solid payout ratio of 9.35% and an annualized yield of 0.4%.

Preformed Line Products Company (NASDAQ:PLPC - Get Free Report) hit a new 52-week high on Wednesday . The company traded as high as $221.09 and last traded at $219.23, with a volume of 103813 shares. The stock had previously closed at $213.52.

Wall Street Analyst Weigh In

Separately, Weiss Ratings upgraded Preformed Line Products from a "hold (c+)" rating to a "buy (b-)" rating in a report on Wednesday, October 8th. One investment analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, the company has an average rating of "Buy".

Preformed Line Products Stock Up 2.7%

The stock has a market capitalization of $1.08 billion, a PE ratio of 25.61 and a beta of 0.75. The company's fifty day moving average price is $191.63 and its 200-day moving average price is $161.85. The company has a quick ratio of 1.83, a current ratio of 3.08 and a debt-to-equity ratio of 0.06.

Preformed Line Products (NASDAQ:PLPC - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The technology company reported $2.56 earnings per share (EPS) for the quarter. Preformed Line Products had a return on equity of 9.69% and a net margin of 6.70%.The firm had revenue of $169.60 million for the quarter.

Preformed Line Products Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 20th. Shareholders of record on Wednesday, October 1st will be paid a $0.20 dividend. The ex-dividend date of this dividend is Wednesday, October 1st. This represents a $0.80 dividend on an annualized basis and a yield of 0.4%. Preformed Line Products's payout ratio is presently 9.35%.

Institutional Investors Weigh In On Preformed Line Products

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PLPC. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Preformed Line Products by 15,654.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 217,571 shares of the technology company's stock worth $30,480,000 after purchasing an additional 216,190 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of Preformed Line Products by 172.8% during the 1st quarter. Vanguard Group Inc. now owns 185,201 shares of the technology company's stock worth $25,945,000 after purchasing an additional 117,323 shares during the last quarter. Nuveen LLC bought a new position in shares of Preformed Line Products during the 1st quarter worth approximately $15,339,000. American Century Companies Inc. lifted its holdings in shares of Preformed Line Products by 47.0% during the 1st quarter. American Century Companies Inc. now owns 72,137 shares of the technology company's stock valued at $10,106,000 after purchasing an additional 23,080 shares during the last quarter. Finally, TrueMark Investments LLC acquired a new stake in Preformed Line Products in the second quarter worth about $2,521,000. 41.19% of the stock is currently owned by hedge funds and other institutional investors.

Preformed Line Products Company Profile

Preformed Line Products Company, together with its subsidiaries, designs and manufactures products and systems that are used in the construction and maintenance of overhead, ground-mounted, and underground networks for the energy, telecommunication, cable, data communication, and other industries. The company offers optical ground wire products to support, protect, terminate, and splice transmission and distribution lines, as well as bolted, welded, and compressed connectors for substations; and string hardware products, polymer insulators, wildlife protection, substation fittings, and motion control devices.

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